Panasonic 2003 Annual Report Download - page 6

Download and view the complete annual report

Please find page 6 of the 2003 Panasonic annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 80

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80

4Matsushita Electric Industrial 2003
In the fiscal year ended March 31, 2003 (fiscal 2003),
Matsushita Electric Industrial Co., Ltd. benefited from the
positive effects of business restructuring, a key part of
“deconstruction and creation” initiatives within the mid-
term Value Creation 21 plan, and successful V-products that
led the Company in its shift to a growth phase.
Regarding financial results, the Company achieved a
significant improvement from the previous year, with con-
solidated net sales up 5%, to ¥7,401.7 billion (U.S.$61.68
billion), and operating profit*achieving a turnaround to
¥126.6 billion, an improvement of ¥325.6 billion from fis-
cal 2002. In the high-growth AVC Networks category, and
the Components and Devices category that supports devel-
opment of cutting-edge technology products, competitive
V-products, developed through integration of Matsushita’s
Groupwide technological resources, captured a greater share
in high-volume markets and contributed to the Company’s
operational performance improvement. The Home Appli-
ances category also recorded advances, led by products
featuring Matsushita’s proprietary technology in the environ-
mental-, energy saving- and health-related fields.
In January, and again in April 2003, Matsushita carried
out comprehensive Groupwide business and organizational
restructuring and implemented a new management system
to achieve a transition to a new growth strategy. Under the
new structure and new system, all business domain compa-
nies are firmly dedicated to autonomous management of
their respective businesses, with a particular focus on cus-
tomer satisfaction.
As such, Matsushita has designated this year as one
where we will “re-declare our founding,” or in other
words, return to the basic principles upon which the Com-
pany was founded, in pursuit of new growth opportunities.
Accordingly, each business domain company will work to
establish solid pillars of management that can support Matsushita
over the mid- to long-term. At the same time, Matsushita
will strive to meet the ever-diversified needs of customers
all over the world, aiming to become a global enterprise
that contributes to the realization of a ubiquitous network-
ing society.
To Our Stakeholders
Since its founding, Matsushita has conducted
its business under the basic management phi-
losophy of contributing to society. In order to
continue as an enterprise able to make
greater contributions in the 21st century, we
will strive to create a new tomorrow, adhering
to our basic philosophy.
*For information about operating profit, see Note 5 on page 30.
Since its founding, Matsushita has conducted
its business under the basic management phi-
losophy of contributing to society. In order to
continue as an enterprise able to make
greater contributions in the 21st century, we
will strive to create a new tomorrow, adhering
to our basic philosophy.